Strengths
- Unicorn-list inclusion and selected public financing evidence were verified from accessible public sources.
- Public sources describe the company product/market position, with caveats around adoption and economics.
Diligence report
SmartMore
SmartMore Public-Source Startup Diligence Report
Track and diligence selectively. The upside case depends on converting the publicly described industrial ai, computer vision, and smart manufacturing solutions position into durable, profitable, defensible growth after validating current metrics against the last valuation anchor of $1.20B.
Company profile
SmartMore Public-Source Startup Diligence Report
SmartMore qualifies for a public-source screen as an uncovered private unicorn, but the public record is insufficient to underwrite valuation or downside risk without private financial, customer, legal, and governance evidence.
- Website
- www.smartmore.com
- Sector
- Industrial AI, computer vision, and smart manufacturing solutions
- Geography
- Shenzhen and Hong Kong, China, with customer and expansion references outside mainland China
- Stage
- Late-stage private unicorn; public search results in March 2026 indicated a Hong Kong IPO application was pending
- Known aliases
- SmartMore Corporation, SmartMore AI
- Report version
- 1.0
- Timezone
- UTC
Executive summary
Risks
- IPO application and private valuation need current filings, revenue quality, and liquidity validation
- Industrial AI deployments may be concentrated in complex enterprise projects with long cycles
- China AI, export-control, and manufacturing-cycle exposure may pressure growth and margins
Gaps
- Audited financials, ARR/revenue quality, gross margin, runway, debt, cap table, and current valuation support.
- Customer concentration, churn, retention, contract terms, pricing, and reference checks.
- Legal/regulatory/IP/insurance schedules, material contracts, security/privacy evidence, and board materials.
Risk register
R-001: IPO application and private valuation need current filings, revenue quality, and liquidity validation
IPO application and private valuation need current filings, revenue quality, and liquidity validation
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-002: Industrial AI deployments may be concentrated in complex enterprise projects with long cycles
Industrial AI deployments may be concentrated in complex enterprise projects with long cycles
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-003: China AI, export-control, and manufacturing-cycle exposure may pressure growth and margins
China AI, export-control, and manufacturing-cycle exposure may pressure growth and margins
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-006: Customer concentration, churn, retention, and pricing power are not disclosed
Customer concentration, churn, retention, and pricing power are not disclosed
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-007: Competitive pressure may compress margins or raise acquisition costs
Competitive pressure may compress margins or raise acquisition costs
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-008: Private valuation may be stale versus current public-market multiples and financing terms
Private valuation may be stale versus current public-market multiples and financing terms
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-004: Legal, regulatory, IP, insurance, and contract exposure cannot be cleared from public sources alone
Legal, regulatory, IP, insurance, and contract exposure cannot be cleared from public sources alone
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
R-005: Management depth, succession, compensation, equity ownership, and board controls are not public
Management depth, succession, compensation, equity ownership, and board controls are not public
Diligence request: Request private data-room evidence, third-party confirmations, and management explanations before relying on public-source claims.
01Financial Information
SmartMore has credible public unicorn-list and financing evidence, but current fair value, revenue quality, runway, debt, and preference stack remain private.
I.A Annual and quarterly financial information for the past three years
partially verified confidence: medium
SmartMore has credible public unicorn-list and financing evidence, but current fair value, revenue quality, runway, debt, and preference stack remain private.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-001: see risk register and linked evidence.
- R-003: see risk register and linked evidence.
- R-008: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| event | amount or valuation | source | verification status |
|---|---|---|---|
| CB Insights unicorn-list entry | $1.20B | CB Insights unicorn list | verified |
| Latest public financing anchor | USD200M Series B in 2021; public search snippets indicate a later Series C and IPO application but full filings were not fetched in this run | Public financing coverage | verified |
| Current fair value | not_publicly_verifiable | Requires latest financing docs or secondary-market evidence | not_publicly_verifiable |
Valuation is a public anchor, not a current fair-value opinion.
I.C Capital structure
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-001: see risk register and linked evidence.
- R-003: see risk register and linked evidence.
- R-008: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| item | public signal | diligence request | risk |
|---|---|---|---|
| Cap table and preference stack | Yicai cites IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, and ZhenFund in the Series B. | Current cap table, financing documents, liquidation preferences, option pool, SAFE/note schedule | Dilution and preference overhang |
| Revenue and margins | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | Audited financials, monthly management accounts, gross margin by product/market, cash runway | Quality of revenue and sustainability |
| Debt and off-balance-sheet liabilities | not_publicly_verifiable | Debt instruments, leases, supplier commitments, guarantees, contingent liabilities | Hidden claims on enterprise value |
02Products
Public evidence describes SmartMore's product scope, but adoption, pricing, unit economics, and roadmap ROI are not publicly verifiable.
II.A Description of each product
partially verified confidence: medium
Public evidence describes SmartMore's product scope, but adoption, pricing, unit economics, and roadmap ROI are not publicly verifiable.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-002: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| product or service | audience | public evidence | verification status |
|---|---|---|---|
| Smart manufacturing computer-vision solutions | Manufacturers in autos, consumer electronics, semiconductors and related verticals | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | partially_verified |
| Production-line AI deployments | Factory operators | Public evidence points to computer-vision and industrial AI R&D, but model performance, deployment economics, and roadmap are not publicly verifiable. | partially_verified |
II.B Product economics and roadmap diligence
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-002: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| metric | public status | needed evidence |
|---|---|---|
| Pricing model and discounting | not_publicly_verifiable | Price books, discount approvals, promotional spend, take-rate or subscription terms |
| Gross margin by product/market | not_publicly_verifiable | COGS allocation, cloud/logistics/service delivery costs, support costs |
| Roadmap ROI | inconclusive | Product roadmap, attach-rate history, roadmap cost, release-risk register |
Public product claims do not prove profitable adoption.
03Customer Information
Customer or market references exist, but revenue concentration, retention, contract terms, and supplier dependencies require private confirmation.
III.A Top customers by application
partially verified confidence: medium
Customer or market references exist, but revenue concentration, retention, contract terms, and supplier dependencies require private confirmation.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-001: see risk register and linked evidence.
- R-006: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| name | type | public evidence | gap |
|---|---|---|---|
| Carl Zeiss | publicly referenced customer/market | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | Revenue contribution, contract term, renewal, concentration, and satisfaction not public |
| Airbus | publicly referenced customer/market | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | Revenue contribution, contract term, renewal, concentration, and satisfaction not public |
| Bosch | publicly referenced customer/market | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | Revenue contribution, contract term, renewal, concentration, and satisfaction not public |
| Canon | publicly referenced customer/market | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | Revenue contribution, contract term, renewal, concentration, and satisfaction not public |
| Schaeffler | publicly referenced customer/market | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | Revenue contribution, contract term, renewal, concentration, and satisfaction not public |
| P&G | publicly referenced customer/market | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | Revenue contribution, contract term, renewal, concentration, and satisfaction not public |
III.E Top suppliers and operating dependencies
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-001: see risk register and linked evidence.
- R-006: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| dependency | role | public evidence | risk |
|---|---|---|---|
| IDG Capital | Investor, operating partner, supplier, or platform dependency | Yicai cites IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, and ZhenFund in the Series B. | Contracts, exclusivity, service levels, pricing, and termination rights are not public |
| Sequoia Capital China | Investor, operating partner, supplier, or platform dependency | Yicai cites IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, and ZhenFund in the Series B. | Contracts, exclusivity, service levels, pricing, and termination rights are not public |
| ZhenFund | Investor, operating partner, supplier, or platform dependency | Yicai cites IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, and ZhenFund in the Series B. | Contracts, exclusivity, service levels, pricing, and termination rights are not public |
| Lenovo Capital | Investor, operating partner, supplier, or platform dependency | Yicai cites IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, and ZhenFund in the Series B. | Contracts, exclusivity, service levels, pricing, and termination rights are not public |
04Competition
SmartMore competes in a crowded market where public differentiation claims need win/loss, pricing, and customer-reference validation.
IV.A Competitive landscape by market segment
partially verified confidence: medium
SmartMore competes in a crowded market where public differentiation claims need win/loss, pricing, and customer-reference validation.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-007: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| competitor | overlap | target differentiator claim | diligence gap |
|---|---|---|---|
| SenseTime | Industrial AI, computer vision, and smart manufacturing solutions | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Win/loss data, pricing pressure, and market share are not public |
| Megvii | Industrial AI, computer vision, and smart manufacturing solutions | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Win/loss data, pricing pressure, and market share are not public |
| Hikrobot | Industrial AI, computer vision, and smart manufacturing solutions | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Win/loss data, pricing pressure, and market share are not public |
| Keyence | Industrial AI, computer vision, and smart manufacturing solutions | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Win/loss data, pricing pressure, and market share are not public |
| Cognex | Industrial AI, computer vision, and smart manufacturing solutions | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Win/loss data, pricing pressure, and market share are not public |
Competitor set is analyst-selected from public market context; verify with management win/loss data.
IV.B Basis of competition
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-007: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| axis | public signal | risk | verification status |
|---|---|---|---|
| Scale/distribution | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | Scale claims may not translate to profitable share | partially_verified |
| Product breadth | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Feature parity and roadmap defensibility not public | partially_verified |
| Price and switching costs | not_publicly_verifiable | Pricing pressure could erode gross margin | not_publicly_verifiable |
05Marketing, Sales, and Distribution
Public GTM evidence is dominated by product and financing narratives; CAC, payback, pipeline, and conversion data are private.
V.A Strategy and implementation
partially verified confidence: medium
Public GTM evidence is dominated by product and financing narratives; CAC, payback, pipeline, and conversion data are private.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-001: see risk register and linked evidence.
- R-007: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| channel | public signal | private metric needed |
|---|---|---|
| Enterprise direct sales | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | CAC, payback, conversion, retention, revenue mix, and marketing spend by channel |
| Industrial solution partners | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | CAC, payback, conversion, retention, revenue mix, and marketing spend by channel |
| Investor/IPO visibility | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | CAC, payback, conversion, retention, revenue mix, and marketing spend by channel |
| Regional expansion references | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | CAC, payback, conversion, retention, revenue mix, and marketing spend by channel |
V.C Principal avenues for generating new business
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-001: see risk register and linked evidence.
- R-007: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| signal | evidence | quality |
|---|---|---|
| Unicorn financing PR | USD200M Series B in 2021; public search snippets indicate a later Series C and IPO application but full filings were not fetched in this run | Strong for financing event; weak for customer demand quality |
| Product or scale narrative | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | Directional and public; needs cohort metrics |
| Paid/owned channel economics | not_publicly_verifiable | Requires marketing analytics and funnel data |
06Research and Development
R&D evidence supports the broad technology/product direction, but staffing, roadmap cost, security, and IP controls are diligence gaps.
VI.A Description of R&D organization
partially verified confidence: medium
R&D evidence supports the broad technology/product direction, but staffing, roadmap cost, security, and IP controls are diligence gaps.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-002: see risk register and linked evidence.
- R-005: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| person or role | public signal | diligence gap |
|---|---|---|
| Jia Jiaya - Founder | Former Tencent YouTu Lab leader per Yicai; detailed ownership and employment terms not public. | Employment terms, equity ownership, succession depth, and technical team composition not public |
| R&D leadership - Computer vision and industrial AI | Named team roster and succession plan not publicly verified. | Employment terms, equity ownership, succession depth, and technical team composition not public |
VI.B New product pipeline
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-002: see risk register and linked evidence.
- R-005: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| pipeline item | status | risk |
|---|---|---|
| More industrial AI solutions and manufacturing deployments | Public evidence points to computer-vision and industrial AI R&D, but model performance, deployment economics, and roadmap are not publicly verifiable. | Roadmap cost, timing, and technical risk not public |
| IPO-readiness and international expansion | USD200M Series B in 2021; public search snippets indicate a later Series C and IPO application but full filings were not fetched in this run | Execution and compliance burden |
07Management and Personnel
Public management evidence is limited; full leadership depth, compensation, turnover, and employee-relations diligence remains open.
VII.C Senior management biographies
partially verified confidence: medium
Public management evidence is limited; full leadership depth, compensation, turnover, and employee-relations diligence remains open.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-005: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| name | role | public background | gap |
|---|---|---|---|
| Jia Jiaya | Founder | Former Tencent YouTu Lab leader per Yicai; detailed ownership and employment terms not public. | Full biography, compensation, ownership, references, and departure history not public |
| R&D leadership | Computer vision and industrial AI | Named team roster and succession plan not publicly verified. | Full biography, compensation, ownership, references, and departure history not public |
VII.B Historical and projected headcount by function and location
inconclusive confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-005: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| metric | public signal | diligence request |
|---|---|---|
| Historical headcount by function/location | not_publicly_verifiable | Monthly headcount by function/location, open roles, attrition, contractor use |
| Turnover and employee relations | not_publicly_verifiable | Attrition, regretted loss, employee claims, labor disputes, offer acceptance, retention plans |
08Legal and Related Matters
No public-source review can clear legal, regulatory, IP, insurance, or material-contract exposure without counsel-provided records.
VIII.A Pending lawsuits and regulatory agency matters
partially verified confidence: medium
No public-source review can clear legal, regulatory, IP, insurance, or material-contract exposure without counsel-provided records.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-004: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| area | public finding | verification status | request |
|---|---|---|---|
| Pending lawsuits against company | No complete docket search or litigation schedule was available in public sources reviewed | not_publicly_verifiable | Counsel litigation schedule, demand letters, settlement agreements |
| Company-initiated litigation | not_publicly_verifiable | not_publicly_verifiable | Filed claims, threatened claims, IP enforcement matters |
| Regulatory/agency actions | No material agency action was verified from accessible sources | inconclusive | Regulatory correspondence and compliance audits |
VIII.D Material IP, contracts, insurance, and related matters
not publicly verifiable confidence: low
Private-record diligence is required to verify the public signals, quantify risk, and identify contradictions.
Evidence gaps
- Audited financials, customer concentration, contracts, board materials, legal schedules, and cap table are not public.
- Public sources may repeat company claims and should be reconciled against primary documents.
Hidden risks
- R-004: see risk register and linked evidence.
Follow-up questions
- Provide primary documents and third-party confirmations for the facts summarized in this section.
- Identify any contradictory internal data, churn, adverse legal matter, or financing term not visible in public sources.
| record | why it matters | public status |
|---|---|---|
| Material customer/supplier contracts | Revenue durability, termination rights, service levels, exclusivity, concentration | not_publicly_verifiable |
| IP assignment and license schedule | Defensibility, freedom to operate, employee/contractor ownership | not_publicly_verifiable |
| Insurance policies and claims history | Coverage for cyber, product, professional liability, logistics or regulatory events | not_publicly_verifiable |
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | SmartMore appears on the CB Insights unicorn list at $1.20B. | verified high | SRC-001 |
| EC-002 | SmartMore's latest public financing anchor is USD200M Series B in 2021; public search snippets indicate a later Series C and IPO application but full filings were not fetched in this run. | verified high | SRC-002 |
| EC-003 | Yicai reports more than 30 smart manufacturing solutions across autos, consumer electronics, and semiconductors, with 80% used in production lines. | partially verified medium | SRC-002 |
| EC-004 | Yicai cites customers including Carl Zeiss, Airbus, Bosch, Canon, Schaeffler, P&G, and Unilever; revenue contribution and contract terms are not public. | partially verified medium | SRC-002 |
| EC-005 | Yicai cites IDG Capital, CoStone Capital, Sequoia Capital China, Green Pine Capital Partners, Lenovo Capital, and ZhenFund in the Series B. | verified high | SRC-002 |
| EC-006 | SmartMore has no public audited revenue, margin, cash, debt, cap-table, customer-concentration, or contract data in the sources reviewed. | not publicly verifiable high | SRC-001SRC-002 |
| EC-007 | Yicai reports founder Jia Jiaya previously headed Tencent Holdings YouTu Lab. | partially verified medium | SRC-002 |
| EC-008 | Yicai reports the 2021 Series B made SmartMore a unicorn but did not disclose a new valuation; CB Insights lists $1.20B. | partially verified medium | SRC-002 |
| EC-009 | Public evidence points to computer-vision and industrial AI R&D, but model performance, deployment economics, and roadmap are not publicly verifiable. | partially verified medium | SRC-002 |
| EC-010 | No complete public IP schedule, litigation docket, material customer contracts, or insurance program was available from accessible sources. | not publicly verifiable high | SRC-001SRC-002 |
| EC-011 | SmartMore was selected only after existing report slugs were excluded and no obvious public IPO, acquisition, or shutdown signal was found in accessible search results. | partially verified medium | SRC-001SRC-003 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | The Complete List Of Unicorn Companies | 2026-06-10 |
| SRC-002 | Yicai Global | Chinese AI Startup SmartMore Turns Unicorn After Raising USD200 Million | 2026-06-10 |
| SRC-003 | DuckDuckGo | DuckDuckGo search results for SmartMore unicorn valuation IPO acquired shutdown | 2026-06-10 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.